In 2023, Russian miners produced approximately 54,000 bitcoins, valued at over $3.5 billion at current rates. This makes Russia the second-largest bitcoin mining country after the United States. According to BitRiver, Russia operates around 2 GW of mining capacity, placing it second globally, following the U.S., which has 3-4 GW of capacity.
Efficiency and Equipment
Experts note that 1 MW of power dedicated to mining yields about 27 BTC per year, considering the average efficiency of the equipment. In 2023, more than 70% of the hash rate was provided by eight relatively new models of ASICs. Considering the recent halving, which reduced the block reward from 6.25 to 3.125 bitcoins, using older ASIC models has become unprofitable, leading to their shutdown. However, new models such as Antminers S19 and S21 remain efficient and profitable.
Prospects and Government Support
The Russian government actively supports the development of the mining industry. New mining centers receive tax breaks, electricity subsidies, and other forms of state support. For example, a new 100 MW mining center is being built in Eastern Siberia, which will be exempt from property tax and receive a 50% subsidy on electricity costs.
Conclusions and Recommendations
In a market characterized by high volatility and declining bitcoin prices, miners must closely monitor production costs and optimize their operations. With state support and the use of new, efficient equipment models, Russian miners continue to hold a significant share of the global market despite economic and political challenges. Should other countries also support miners to foster the growth of digital economies?
